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Vitamin Shoppe increases revolver to $90 million, lowers pricing
By Angela McDaniels
Tacoma, Wash., Oct. 16 - Vitamin Shoppe, Inc. said several of its subsidiaries amended their loan agreement on Friday, increasing the revolving credit facility commitment, reducing the interest rate and extending the maturity date.
The revolver commitment was increased to $90 million, and the borrowers now have a $60 million accordion feature, according to an 8-K filing with the Securities and Exchange Commission.
Borrowings now bear interest at Libor plus 125 basis points or 150 bps. The higher spread is applicable if the amount of borrowings under the loan agreement exceeds 50% of the borrowing base availability.
The unused line fee was reduced to 25 bps from 50 bps.
The maturity date of the revolver was extended to Oct. 11, 2018.
The amendment also increased some of the loan agreement's basket thresholds with respect to collateral covenants, affirmative and negative covenants and events of default and amended the collateral and financial reporting covenants.
The borrowers are Vitamin Shoppe Industries Inc., VS Direct Inc., Vitamin Shoppe Mariner, Inc. and Vitamin Shoppe Global, Inc. They paid a $360,000 amendment fee.
In addition, Vitamin Shoppe Industries amended and restated its stock pledge agreement with the agent, JPMorgan Chase Bank, NA. It pledged 100% of the issued and outstanding capital stock of each of its domestic subsidiaries, including VS Direct, Vitamin Shoppe Mariner and Vitamin Shoppe Global, and 65% of all of its voting capital stock of its foreign subsidiary, Vitapath Canada Ltd.
North Bergen, N.J.-based Vitamin Shoppe is a specialty retailer and direct marketer of vitamins, minerals and other supplements.
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